For the first six months of the year, Vazovskite Masinostroitelnye Zavodi (VMZ) reported a profit of 16.9 million euros. This was announced by Deputy Prime Minister and Minister of Economy Alexander Pulev, who answered a parliamentary question during Friday's parliamentary control.
"The condition is stable, we certainly want the results to be even better, but at the moment there are no prerequisites for a liquidity crisis and concerns," Pulev explained.
According to him, for the first six months of the year, VMZ has realized 164 million euros in revenue, with 135.5 million euros realized from the sale of production. Expenses for the six months are 148 million euros. The available cash for the same period is over 24 million euros, and the expected proceeds by the end of the year amount to 150 million euros.
"We realize how important an asset people are, we have secured them, including for creating better working conditions," Deputy Prime Minister Pulev also explained.
A reference to the company's report for the first quarter of the year shows that the profit trend continues.
Currently, the company produces anti-tank guided and unguided projectiles, aviation unguided missiles, artillery ammunition, detonators, tools and non-standard equipment for special production, re-export of special products, provision of services - repair of special products, utilization and transport.
The average number of personnel as of the end of March this year is 4918 workers. , for comparison, at the end of the year they were 4790. The company's financial result is 16.9 million euros, compared to 48.28 million euros at the end of the year. During the reporting period, 120 euros of revenue were realized for every 100 euros of expenses. Gross profit is 18.4 million euros, compared to an annual profit of 49 million euros. Reported sales revenue amounts to over 100 million euros.
The renovation of existing buildings continues.